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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/bank-bonuses-may-face-further-tax.jpg"><img class="alignnone size-full" title="The Government is understood to be planning a further tax on bank bonuses, it has been reported" src="http://londonglossy.com/wp-content/uploads/2010/12/min-bank-bonuses-may-face-further-tax.jpg" alt="The Government is understood to be planning a further tax on bank bonuses, it has been reported"/></a></p>
<p>The Government is reportedly understood to be planning a further tax on bank bonuses and new disclosure rules for top workers&#8217; pay.</p>
<p>Chancellor George Osborne is thought to be coming under growing pressure from partners in the coalition to crack down on bonuses, according to The Sunday Times newspaper.</p>
<p>Although City payouts are expected to be lower than last year, the Government is still keen to tackle the bonus culture, particularly against the background of public sector spending cuts and job losses.</p>
<p>It is understood that all options remain open, but possible moves could include a 50% tax on bonuses, similar to the one-off levy implemented by former chancellor Alistair Darling.</p>
<p>Under Mr Darling&#8217;s tax, 50% of all bonuses of more than £25,000 was taken by HM Revenue &#038; Customs, with the remaining money still taxed as if it was income.</p>
<p>The Treasury is also said to be reconsidering recommendations put forward by Sir David Walker, who investigated bank bonuses for the previous government, forcing banks to disclose the number of employees who earn more than £1 million.</p>
<p>Mr Osborne has previously appeared cool towards the recommendation but it is thought his reluctance to implement them have put him at loggerheads with Business Secretary Vince Cable, who has repeatedly spoken out against the City&#8217;s bonus culture.</p>
<p>But any new tax is likely to cause outrage in the City as it would come on top of Mr Osborne&#8217;s planned £2.5 billion levy on banks&#8217; balance sheets.</p>
<p>It would also spark warnings that the UK could face a drain of talent as workers moved abroad, and may even see some big banks relocate their head offices to outside the UK.</p>
<p>The report comes as the Committee of European Bank Supervisors is this week expected to announce new rules on remuneration, including restricting the cash element of a bonus to 20% of the total award, while it is thought 20% must be given in shares that cannot be sold immediately and 60% must be deferred.</p>
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